HYDERABAD: Gold sales on Akshaya Tritiya this year exceeded expectations, with jewellers reporting robust business despite record-high prices. According to the All India Gem and Jewellery Domestic Council (GJC), sales by value are estimated to have increased by 35 percent compared to last year.
In 2024, approximately 20 tonnes of gold were sold during the auspicious occasion. This year, consumer hesitation due to rising prices in recent weeks eventually gave way to brisk sales once rates stabilised, GJC Chairman Rajesh Rokde told PTI. On May 10, 2024, the price of 10 grams of 24-carat gold stood at ₹72,300, whereas this Akshaya Tritiya it had climbed to ₹98,550. Despite the steep rise, customer turnout was significant, much to the satisfaction of jewellers.
The Confederation of All India Traders (CAIT) estimated that nearly 12 tonnes of gold were sold this year, generating sales worth ₹12,000 crore. Silver sales were also notable, with about 400 tonnes sold, valued at around ₹4,000 crore. In total, the single-day turnover from precious metals reached ₹16,000 crore, traders reported.
While the morning hours saw a relatively subdued start, footfall surged in the afternoon and peaked by evening. In many cities, shops remained open until midnight to accommodate demand.
Jewellers noted a marked interest among consumers aged between 25 and 40 in purchasing gold and silver coins and bars. Demand varied depending on budget and need, with both coins and jewellery witnessing steady interest. Saurabh Gadgil, Chairman of PNG Jewellers, said nearly half of their total sales came from customers exchanging old ornaments for new ones.
Meanwhile, domestic gold prices saw a dip on Wednesday. In Delhi, the price for 10 grams of 24-carat gold dropped by ₹900 from the previous day, settling at ₹98,550. The All India Sarafa Association attributed the decline to weak trends in global markets. Silver prices also fell sharply by ₹4,000 per kilogram, ending the day at ₹98,000. On international markets, spot gold fell by $43.35 to $3,273.90 an ounce, while silver remained steady at $32.33 an ounce. In Hyderabad, the price for 24-carat gold was ₹97,910 per 10 grams – a drop of ₹60 – while 22-carat gold was priced at ₹89,750 after a ₹50 decline.
The World Gold Council (WGC), in its latest report released Wednesday, revealed that India’s gold demand in the January–March 2025 quarter dropped by 15 percent compared to the same period last year. Prices peaked at ₹94,030 per 10 grams during the quarter, with total demand limited to 118.1 tonnes.
Since the beginning of the year, gold prices in the Indian market have surged by 25 percent, crossing the ₹100,000 mark per tola in some instances. The WGC estimates annual gold demand in India could range between 700 and 800 tonnes, aided by the upcoming wedding season. However, high prices are prompting many buyers to adopt a wait-and-see approach, with a preference for lighter jewellery, according to traders.
